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CX Enterprises has the following expected dividends: $ 1 . 0 3 in one year, $ 1 . 1 9 in two years, and $

CX Enterprises has the following expected dividends: $ 1.03 in one year, $ 1.19 in two years, and $ 1.27 in three years. After that, its dividends are expected to grow at 3.7% per year forever(so that year4's dividend will be 3.7% more than $ 1.27 and so on). If CX's equity cost of capital is 12%, what is the current price of its stock?

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